former rbi governor d subbarao says that its early to celebrate 3rd largest economy factobox

D Subbarao: Former Governor of Reserve Bank of India (RBI) D. Subbarao has expressed his views on the economic future of India and said that we are soon going to become the third largest economy in the world. But, we should not celebrate it hastily. He said that Prime Minister Narendra Modi wants to take the country to this goal by 2029. However, the thing to be understood here is that the size and development of the economy are two different things.

There are many challenges facing the country’s development

India is currently the 5th largest economy in the world. PM Modi had recently said that we are going to become the third largest economy in the world, leaving Britain and Germany behind. Only America and China will be left ahead of us. Many institutions and economists have also made similar estimates. It is expected that India will achieve this target before 2029. However, Subbarao sees it from a different perspective. He says that achieving this milestone will not remove the challenges facing the country’s development.

Poverty is the biggest problem before economic progress.

At present our GDP is more than 4 trillion dollars. We stand at 5th position in the world. But, our per capita income is only 2600 dollars. In this case the perspective of the picture changes. We are at 139th position in the world in terms of per capita income. Also, our per capita income is the lowest among BRICS and G-20 countries. Subbarao said that from these figures we can understand that the country is making economic progress but poverty in India is posing a big challenge to it.

To become a developed country, we will have to pay attention to 4 things

The former governor said that if we want to become a developed country by 2047, we will have to ensure rule of law, strong country, accountability and independence of institutions. The journey of becoming a developed country is not going to be easy. For this, we will have to pay full attention to economic progress as well as social development.

read this also

Tesla layoffs: There will be big layoffs in Tesla, Elon Musk gives bad news to employees